(DOWNLOAD) "Wasatch Bank Pleasant Grove v. Surety" by Court of Appeals of Utah ~ eBook PDF Kindle ePub Free
eBook details
- Title: Wasatch Bank Pleasant Grove v. Surety
- Author : Court of Appeals of Utah
- Release Date : January 08, 1985
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
HALL, Chief Justice: In February 1981, Surety Insurance Company of California (Surety) issued a $150,000 labor and materials payment bond on behalf of ATM Masonry (ATM), a subcontractor for the construction of a public school building. Wasatch Bank of Pleasant Grove (Wasatch) loaned ATM $50,000 to pay for labor and materials used in the performance of the subcontract, taking as security an assignment of ATMs right to receive payment under ATMs agreement with the prime contractor. The assignment was dishonored, and Wasatch sued Surety to recover on the bond. Based on the above facts, which were undisputed, summary judgment was awarded to Surety. Wasatch appeals, arguing that it should be equitably subrogated to the rights of the beneficiaries of the bond and, alternatively, that it is a third-party beneficiary of the bond. We affirm.
 "Wasatch Bank Pleasant Grove v. Surety" by Court of Appeals of Utah ~ eBook PDF Kindle ePub Free){kind=link}